Major International Business Headlines Brief::: 14 October 2022

[Bulls n Bears]

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Major International Business Headlines Brief::: 14 October 2022 

 


 

 


 <https://wwww.nedbank.co.zw/> 

 


 

 


 

ü  Mini-budget U-turn on table as Kwasi Kwarteng flies home

ü  Kanye West: JP Morgan Chase cuts ties with rapper

ü  Fujitsu: How a Japanese firm became part of the Post Office scandal

ü  Royal Mail to axe up to 6,000 jobs as losses rise

ü  India's solar powered future clashes with local life

ü  France sends Germany gas for first time amid Russia energy crisis

ü  Nigeria, Four Others Gets $250m Economic Boost From EBID

ü  Nigeria: Aviation Experts Applauds LASGs Plan to Build Lekki Airport

ü  Nigeria: Minister Receives Chinese Delegates, Lists Investment Areas in
FCT

ü  Nigeria: Orji Kalu Criticises 2023 Budget, Says 'Nigeria Is At War'

ü  Nigeria: Dangote's 650,000bpd Refinery 97 Percent Completed, Says NMDPRA

ü  Congo-Kinshasa: In a Vital River Basin, Chinese Mine Dredges With
Impunity

ü  Nigeria's Eurobonds Retreat After Govt's Plan to Restructure Debts

ü  Zambia: Gov't, U.S. Hold Inaugural Business Summit to Boost Trade,
Investment

ü  South Africa: Transnet Tables Wage Offer

 


 <mailto:info at bulls.co.zw> 

 


 

Mini-budget U-turn on table as Kwasi Kwarteng flies home

Chancellor Kwasi Kwarteng has cut short his visit to the US for urgent talks
in Downing Street, with a U-turn over the mini-budget on the table.

 

Mr Kwarteng is flying home early from Washington DC after days of open
revolt among Tory MPs over his economic plan.

 

Prime Minister Liz Truss is facing calls to change her plan to calm market
turbulence and reassure her party.

 

No 10 downplayed speculation of imminent changes to the plan after reports
suggested parts may be ditched.

 

A Downing Street source told the BBC the prime minister thinks the
chancellor is "doing an excellent job and they are in lockstep".

 

Many Tory MPs think a further change of plan is inevitable, following a
previous U-turn on Ms Truss's plan to scrap the top rate of income tax.

 

Other scenarios being discussed by some Tory MPs include the chancellor
resigning or the prime minister being ousted, with some talking about a
joint team of Rishi Sunak and Penny Mordaunt as replacements.

 

Under this scenario, Tory MPs would propose just one person to succeed the
prime minister, with the other individual taking a senior cabinet role,
avoiding the need for another leadership contest.

 

Mr Kwarteng had been in Washington DC for a meeting of global finance
ministers.

 

Speaking about the change in his travel plans, a source close to the
chancellor said he "really wants to engage not only with government
colleagues, but also MPs" over the financial plans.

 

His mini-budget last month included £45bn of tax cuts, funded by borrowing,
which spooked financial markets and prompted a drop in the value of the
pound.

 

He was forced to scrap plans to cut the top rate of income tax, which made
up just £2bn of the package.

 

But continuing market turmoil prompted an intervention from the Bank of
England, which involved buying government bonds to stabilise their value.

 

The Bank has said it is withdrawing that programme of emergency support as
planned on Friday. But the pound has rallied in value following speculation
in Westminster that another U-turn was in the offing.

 

There has been speculation the government could reverse its plan for
corporation tax.

 

Ms Truss has pledged to scrap a planned rise to the tax, which was set to
increase from 19% to 25% in 2023.

 

If the government does announce changes to its plans it is not clear when
this might happen.

 

Mr Kwarteng is due to make a financial statement on 23 October - but he may
be forced to act much sooner than that, if the markets and the mood among
Tory MPs swings against him.

 

Liz Truss's supporters are urging her to stick to the course she set just 39
days ago when she became PM.

 

Sir Christopher Chope told the BBC Two's Newsnight: "If we were to increase
corporation tax having said that we're not going to, that would be totally
inconsistent with the prime minister's policy of promoting growth, growth
and growth."

 

He added that a U-turn would be a "complete betrayal" of what she believed
in, saying he did not think it would not happen.

 

But other Tory MPs say further U-turns are inevitable and should come sooner
rather than later.

 

Former minister Johnny Mercer called for a "course correction" from No 10,
describing the impact of rising mortgage rates on people who want to buy a
home as "politically unsurvivable".

 

Mel Stride, the chairman of the Treasury Select Committee, called on the
chancellor to make a "significant" announcement "sooner rather than later".

 

However, he told BBC Breakfast that he did not back a change in leadership,
saying "the last thing we need is more market turbulence".

 

The tense atmosphere in Westminster was apparent as the BBC spoke to dozens
of sources across Parliament and the government on Thursday.

 

"It's checkmate, we're screwed," one Tory MP remarked.

 

"There is no question in my mind, they'll have to junk loads of this stuff
and U-turn," another said.-BBC

 

 

 

 

Kanye West: JP Morgan Chase cuts ties with rapper

US banking giant JP Morgan Chase is ending its relationship with the rapper
and designer Kanye West, who now goes by the name Ye, and his Yeezy brand.

 

A letter from the bank informing Mr West of the decision was posted on
Twitter by a conservative commentator.

 

At the weekend, his Twitter and Instagram accounts were suspended after he
posted anti-Semitic messages.

 

The BBC understands the letter from JP Morgan pre-dated recent
controversies, as it was sent on 20 September.

 

In the letter the bank gave Mr West until 21 November to transfer his
business.

 

JP Morgan Chase declined to comment.

 

Mr West had previously taken to social media to criticise JP Morgan's
leadership and said they would not give him access to the bank's chief
executive Jamie Dimon.

 

He told Bloomberg in September that he was severing ties with his corporate
partners and that "it's time for me to go it alone".

 

Representatives for Mr West did not immediately respond to a request for
comment from the BBC.

 

The move by JP Morgan comes as Mr West's business partnerships have come
under increased scrutiny.

 

Last week, sportswear firm Adidas said it was reviewing its deal with him
days after he showed a "White Lives Matter" T-shirt design at Paris Fashion
Week.

 

The company did not mention the controversy but said "successful
partnerships are rooted in mutual respect and shared values".

 

Mr West responded on Instagram, claiming the firm "stole" his designs. That
post now appears to have been deleted.

 

Adidas told the BBC it had made the decision to put the partnership under
review after "repeated efforts to privately resolve the situation."

 

A spokesperson for the German sportswear company also said that the "Adidas
Yeezy partnership is one of the most successful collaborations in our
industry's history."

 

Last month, Mr West said he was ending his partnership with the retailer
Gap.

 

He accused the firm of failing to honour terms of the deal, including by
failing to open standalone stores for his Yeezy fashion label.-BBC

 

 

 

 

Fujitsu: How a Japanese firm became part of the Post Office scandal

Japanese firm Fujitsu is at the heart of the Post Office's IT scandal. More
than 700 Post Office branch managers were convicted when faulty accounting
software made it look as though money had gone missing from their sites.
That software, named Horizon, had been developed by Fujitsu.

 

As the public inquiry into the scandal continues, Fujitsu's legal
representatives will make their opening statements on Friday. So how did a
Japanese company, generally known to Brits as a maker of laptops, become
embroiled in one of the most widespread miscarriages of justice in UK legal
history?

 

It may be difficult to believe, but in Fujitsu's home market, hardly anyone
has heard of the Horizon scandal.

 

"Horizon? What's Horizon?" was the reaction of a former company president in
Tokyo when the BBC asked him about it.

 

This is a person who worked at the firm for nearly four decades.

 

The current president, Takahito Tokita, has turned down our multiple
interview requests, even when I asked for a written comment he may wish to
make to the victims whose lives were turned upside down.

 

The Horizon scandal saw some sub-postmasters attempt to plug huge shortfalls
with their own money, after IT errors made it appear like thousands of
pounds were missing. Some even remortgaged their homes.

 

Hundreds ended up with criminal convictions for false accounting and theft,
and some went to prison. Many were financially ruined and have described
being shunned by their communities. Some have since died.

 

The assertion in Japan has repeatedly been that this is a matter that its UK
subsidiary is handling.

 

Fujitsu is one of Japan's most prominent companies and was a partner of the
Tokyo 2020 Olympic Games

To understand Fujitsu's role, let's go back to its takeover of the British
firm International Computers Limited (ICL) - which developed the Horizon
software - in the 1990s.

 

The relationship between ICL and Fujitsu goes back decades, and the ways in
which both operate are quite similar.

 

In the 1970s, the Japanese government was trying to counter the dominance of
America's IBM, and provided 57bn yen of financial support to three giant
technology alliances, one of which was Fujitsu.

 

In the UK, the Wilson government was doing just that by forming ICL.

 

With the might of the government behind them, Japanese firms went on a
shopping spree in the 1980s, encouraged by the favourable exchange rate.

 

That is when ICL was having financial issues at home. It held several UK
government contracts as the government had a policy that every computer over
a certain size was bought from the company. But the firm was struggling to
keep up with its international competitors, and by 1981 it had lost £18.7m,

 

Fujitsu and ICL were a perfect match. The takeover allowed Fujitsu to have
an outsized presence in the UK as ICL's strong ties to the government often
meant that it was the only bidder for government contracts.

 

Previous problems

Even after the Horizon scandal, its products are deeply entrenched in the
government's IT infrastructure. To some MPs' fury, the company was still
winning new government contracts as recently as this September and it is the
third biggest IT supplier to the UK government, according to the procurement
analysts Tussell.

 

Since 2013, the UK government has awarded Fujitsu contracts worth more than
£3.7bn, including:

 

And that is despite Horizon not being the first Fujitsu-developed software
that has created problems for the UK government.

 

In 1999, the firm won a £184m contract to develop Libra - a software meant
to standardise case management transactions across more than 300
magistrates' courts.

 

In the end, it cost nearly three times more than expected, and the National
Audit Office (NAO) concluded that it was not able to produce even basic
financial information.

 

Horizon was installed at the Post Office around the same time. But its flaws
were already known by then because it couldn't fulfil the requirements of
its original project, an automated system for benefits payments announced in
1994.

 

"Horizon was offloaded to the Post Office to try to salvage something from
the failed scheme," says IT journalist Tony Collins who has covered the
industry for decades.

 

'Why am I still fighting to clear my name?'

Post Office scandal ruined lives, inquiry hears

Then, there was an NHS lawsuit. Fujitsu was one of four companies tasked
with digitising the NHS in 2004.

 

But after repeated delays and failure to deliver the promised product, the
NHS terminated its contract with Fujitsu in 2008. The Japanese company sued
and won the case in 2014, which cost the UK government £700m.

 

Some believe the government may be reluctant to engage in another long and
potentially expensive legal battle.

 

In addition, Mr Collins says the government isn't in a rush to get rid of
Fujitsu because "it is an indispensable IT supplier".

 

"Its mainframes have been used for decades at HM Revenue and Customs and the
largest department of all, the Department for Work and Pensions, have been
pretty reliant on Fujitsu equipment," he says.

 

The government has confirmed that Fujitsu is no longer on some approved
vendor lists, but remains a strategic supplier and can still compete for and
win government contracts.

 

Troubles at home

Fujitsu's software is not without controversy at home.

 

In 2002, Fujitsu and two other tech firms came under fire for glitches at
the ATMs of one of the country's major banks, Mizuho, with problems still
being reported as recently as last year.

 

Fujitsu was also blamed in 2005 for a $300m trading loss when its software,
installed at the Tokyo Stock Exchange (TSE), was unable to cancel an
incorrect order. The TSE and the securities firm involved fought a
decade-long legal battle, with the court eventually ruling in 2015 that
Fujitsu as a software developer wasn't legally liable, and that the TSE must
pay the securities firm.

 

Fujitsu's critics blame the industry's business model.

 

"They don't like to have a software engineer as a full-time employee," says
Satoshi Nakajima, who worked at Japan's telecoms giant NTT before becoming
one of the foundational members of Microsoft.

 

In a country where companies have traditionally practised the lifelong
employment system, they prefer not to hire engineers for individual projects
and let them go as they do in the US.

 

That means hiring full-time software engineers - who develop code - becomes
costly when they are between projects. Instead, they outsource to multiple
layers of external vendors.

 

But those vendors often cannot afford to hire top engineers - like Fujitsu
can - and this practice has been blamed for the quality of their products.
Vendors also tend to focus only on single aspects of a project, and often
cannot be held accountable for project failures.

 

As a graduate of the prestigious Tokyo University, 31-year-old Junpei
Ikegami joined Fujitsu in 2015 as a system engineer - who is responsible for
building and maintaining computer networks - because he thought "it was at
the forefront of the latest technology".

 

"But once I joined, I realised that the systems they use are ancient and
they're still trying to conserve the old systems," he says.

 

Mr Ikegami felt he couldn't grow so left Fujitsu to join a start-up.

 

But despite some bugs and scandals, Fujitsu continues to play a major role
in the public and private sectors.

 

"Their unique advantage is the relationship with the government," says Mr
Nakajima, referring to the company's ties since the 1970s but also how it
still wins big government contacts.

 

"That's why they still exist. Without that, they're not competitive at all.
If this is a really open free market, then they should have been eliminated
10 to 20 years ago."

 

But amid growing calls for governments to include smaller, more agile
companies over established giants, government attitudes may be changing.

 

When I asked the country's former digital minister, Karen Makishima, who
will win contracts in Japan's push to digitalise its economy, she repeatedly
emphasised the growing role start-ups will play.

 

As Fujitsu comes under the spotlight in the UK, it remains to be seen if
their British subsidiary too will lose the preference of the government it
once enjoyed.-BBC

 

 

 

Royal Mail to axe up to 6,000 jobs as losses rise

Royal Mail has announced plans to make up to 6,000 people redundant by next
August, blaming ongoing strike action and rising losses at the business.

 

The postal company said it will begin notifying workers of its plan, which
aims to reduce its overall headcount by a total of 10,000.

 

The majority of the cuts will be made through redundancy while the rest will
be achieved through natural attrition.

 

Royal Mail also said it expects its full-year losses to hit £350m.

 

It said this included "the direct impact of eight days of industrial action"
as well as lower volumes of parcels being posted.

 

But the firm warned that losses could reach as much as £450m "if customers
move volume away for longer periods" following strike action.

 

 

Royal Mail's chief executive Simon Thompson said: "This is a very sad day. I
regret that we are announcing these job losses. We will do all we can to
avoid compulsory redundancies and support everyone affected."

 

The company currently employs 140,000 people.

 

Royal Mail workers, who are members of the Communication Workers Union, this
week began a fresh round of strikes over pay and conditions which will
include 19 days of industrial action, including Black Friday.

 

The CWU's general secretary, Dave Ward, said Royal Mail's announcement "is
the result of gross mismanagement and a failed business agenda of ending
daily deliveries, a wholesale levelling-down of the terms, pay and
conditions of postal workers, and turning Royal Mail into a gig economy
style parcel courier".

 

But Mr Thompson said on Friday: "Each strike day weakens our financial
situation.

 

"The CWU's decision to choose damaging strike action over resolution
regrettably increases the risk of further headcount reductions."

 

Royal Mail said that if workers go ahead with further walk-outs "the loss
for the full year would increase materially and may necessitate further
operational restructuring and headcount reduction".

 

During the first half of its financial year, Royal Mail said strike action
cost the business £70m.

 

But Mr Ward responded: "This announcement is holding postal workers to
ransom for taking legal industrial action against a business approach that
is not in the interests of workers, customers or the future of Royal Mail.
This is no way to build a company."

 

Royal Mail also revealed that it will have to enter talks with the union
because, it said its legacy voluntary redundancy scheme, which offers up to
two years' of pay, "is now unaffordable".-BBC

 

 

 

India's solar powered future clashes with local life

"Bhadla is almost unliveable," says TS Keshav Prasad, the chief executive of
energy company IF&FS.

 

He is talking about part of the Thar desert located in Rajasthan in the
northwest of India.

 

Temperatures there typically range between 46C and 48C and frequent
sandstorms add to the inhospitable conditions.

 

But what makes Bhadla an unforgiving place to live, also makes it an ideal
place to generate solar power.

 

Thanks to the abundant sunshine, Bhadla is home to the world's biggest solar
power farm, in part built and operated by Mr Prasad's IF&FS.

 

Soaking up the sunshine are 10 million solar panels with the capacity to
generate 2245MW, enough to power four and a half million households.

 

While keeping the solar panels clean in such a sandy and dusty environment
is a challenge, Mr Prasad says running such a vast solar plant is still much
simpler than operating almost any other kind of power station.

 

"There is not much equipment involved. Solar panels, cables, inverters and
transformers are almost all that are needed to run a plant," he says.

 

The plant, which was completed in 2018, has bought investment and
opportunities to one of India's most remote regions.

 

"Most of boys in my village did not study much. They were not ambitious, as
our life was limited to the village, and our parents are farmers or into
breeding cattle. But since the construction of the park, I realised the
world is much bigger than my village," says 18-year-old Mukhtiyar Ali.

 

"Because of Bhadla Park many engineers, officers and educated people visit
our villages, which has changed my perspective towards life.

 

"I want to be an officer [in the solar park] who has authority, respect,
someone who can to bring change in other people's lives," he says.

 

But not everyone is thrilled about the giant solar park that has been built
on their doorstep.

 

Most of the 14,000 acres used for the park were owned by the state, but it
was also where local farmers grazed their cattle.

 

"Most of our livelihood was cattle rearing," says Sadar Khan, the head of
Bhadla village.

 

"Because all the government lands have been taken back, we don't have enough
land for cattle grazing. We are left with few animals," he says.

 

He accepts that jobs have been created by the park, but says many of those
jobs do not pay enough to survive on.

 

"There are not many solar jobs for locals except labourers, as most of us
are uneducated."

 

Mr Khan also complains that many locals still have no electricity
connection.

 

"We produce electricity, but still a number of villages in the nearby area
are without electricity. So it's good we are the largest solar park - but it
should bring changes in our life."

 

Anil Dhaka, the managing director of Rajasthan Renewable Energy Corporation,
disputes Mr Khan's complaints. His state-owned organisation oversees
renewable energy projects in Rajasthan.

 

"As far as Bhadla Park is concerned we have not received any official
grievance or complaints regarding land compensation. The land used in Bhadla
park was government land," he says.

 

Mr Dhaka adds that investments in solar projects in western Rajasthan have
caused land prices and rents to rise, so many smallholders have benefitted.

 

He also explains that the issue of electricity connections is not a simple
one. The electricity generated by the Bhadla solar plant is at a high
voltage, so cannot be directly supplied to local villages.

 

But he points out that plants like Bhadla are significantly lowering the
cost of electricity from renewable sources.

 

Around 75% of India's electricity is generated by burning coal, but by 2030
the government wants 40% of electricity to come from renewable sources like
solar.

 

That is going to require a lot of land.

 

If India was to put in place a target to be net-zero emissions by the middle
of this century, then it would have to cover between 1.7% and 2.5% of the
country's total landmass with solar panels, according to a study last year
by the Institute for Energy Economics and Financial Analysis (IEEFA).

 

Currently 34 big solar projects are at various stages of development, so
more conflict over their location is likely, experts say.

 

What does net-zero mean?

"A massive shift to renewable energy requires enormous resources, and land
is a crucial one," says Bhargavi S Rao, a senior fellow at the Environmental
Support Group.

 

"Rain-fed and irrigated lands are being identified as dry land, drought
prone wasteland, non-productive land and so on, all to ensure such lands can
be made available for the land guzzling utility scale renewable energy
projects, especially solar and wind," says Mr Rao.

 

"The prevailing model of promoting mega-energy projects that are land
intensive is creating an anomalous situation wherein farmers, in certain
regions of interest to energy developers, are being surrounded by powerful
real estate developers, and also state-led instruments, to compel them to
lease and even sell their land," he adds.

 

Mr Rao says, so far, the problem is "sporadic" as the shift to renewal
energy is at an early stage. But given the scale of planned developments the
situation is going to get worse.

 

"By 2030 farmers will be under severe pressure to part with their lands.
This is going to be especially problematic for small and marginal farmers,
who form a majority of the farming community."

 

When contacted by the BBC, the government did not want to respond to Mr
Rao's claims.

 

But back in Bhadla, Mr Prasad, the man in charge of Rajasthan's renewable
energy projects insists the giant solar plant there has been good for the
local community.

 

"There are around 60 villages around the solar park that have benefited -
jobs have been created, schools have been constructed.

 

"There were no medical facilities but now mobile medical vans visit
villages, so this is not all about green energy - it's also the progress of
the people."-BBC

 

 

 

 

France sends Germany gas for first time amid Russia energy crisis

France has sent gas to Germany for the first time in "European solidarity"
amid increasing energy pressures.

 

The gas, delivered via a pipeline, is part of a deal between the countries
to ease energy shortfalls after Russian turned off the taps to Europe.

 

Though the new flow is less than 2% of Germany's daily needs, it is welcome
as Berlin battles to diversify its energy.

 

Russia has been accused of using gas supplies as a weapon against the West
since the invasion of Ukraine.

 

French grid operator, GRTgaz, said it would initially deliver 31 gigawatt
hours (GWh) per day, via a pipeline from the French border village of
Obergailbach.

 

The maximum daily capacity of the new gas flow is 100 GWh, it added in a
statement.

 

 

Last month, in the energy solidarity deal, Germany pledged to provide
additional electricity to France when needed, and in exchange France agreed
to help Germany with gas supplies.

 

"If we did not have European solidarity and an integrated, united market
right now, we would have serious problems," said French President Emmanuel
Macron on Wednesday.

 

France is less affected by Russia turning off the gas taps because most of
its energy needs are fulfilled by Norway and through liquified natural gas
supplies.

 

Russia's invasion of Ukraine in February led to gas price hikes, and EU
customers face record tariffs this winter.

 

Until then Germany relied on Russia for 55% of its gas. It has reduced this
to 35% and wants eventually to reduce imports to zero.

 

Germany is also increasing its use of coal and extending the life of power
stations which were due to shut - despite the negative environmental impact.

 

The former German chancellor, Angela Merkel, said she did not regret relying
on Russia as a major gas supplier during her 16 years in government.

 

The German government hopes to reduce gas usage by 2% by limiting the use of
lighting and heating in public buildings this winter.

 

Russian President Vladimir Putin said on Wednesday the gas taps could still
be turned on to Europe and that "the ball, as they say, is now in European
Union's court".

 

"We do not limit anyone in anything," he said, adding that Moscow was ready
to supply additional volumes of gas in the autumn-winter period.

 

But despite Mr Putin's words, a resumption of gas supplies to Europe seems
unlikely.

 

Nord Stream 1, Russia's largest gas pipeline to Europe, was closed
indefinitely in August for technical reasons, and a number of leaks were
then discovered in September.

 

The Nord Stream 2 project, which had been due to come on stream this year,
was denied an operating licence by Germany because of the invasion. Leaks
have been found in this pipeline as well.-BBC

 

 

 

Nigeria, Four Others Gets $250m Economic Boost From EBID

The Board of Directors of the ECOWAS Bank for Investment and Development
(EBID) has approved a total of $250 million for five member states of
Nigeria, Burkina Faso, Ghana, Senegal and Sierra Leone to boost their oil &
gas, energy, road infrastructure and agricultural sectors.

 

According to a statement from the bank, the approvals are part of the
intensified efforts by EBID to invest in key sectors to spur up post COVID
pandemic recovery and mitigate the impact of the Russian - Ukraine war on
the member states of the Economic Community of West African States (ECOWAS).

 

 

The statement added that the announcement was made by the President and
Chairman of the Board of Directors of EBID, Dr George Agyekum Donkor at the
just ended 79th session of the Board of Directors of the Bank.

 

Donkor, was said to have observed that the impact of the COVID pandemic and
ongoing Russian - Ukraine war have left many economies in tatters. He
indicated that the current market conditions have compelled investors to
seek premium on investments in sub-Saharan Africa thereby increasing the
cost of capital.

 

He also said this has resulted in dampening economic growth, wide-spread
balance of payments deficits, unfavourable terms of trade, depletion of
central bank international reserves, fiscal deficits, and debt distress,
stressing the need for EBID, as the financial arm of ECOWAS, to deepen its
financial intermediation in all the critical sectors of member states to
assist them to recover from the economic challenges.

 

Present at the session was the Vice-President of the ECOWAS Commission, Her
Excellency Damtien L. Tchintchibidja, who lauded the tremendous impact of
EBID's interventions in the sub-region and assured the Bank of the
commitment of the new administration of the ECOWAS Commission to collaborate
and support EBID in its multifarious activities especially in the area of
resource mobilization to transform the ECOWAS Communities.

 

ECOWAS Bank for Investment and Development (EBID) is a leading regional
investment and development bank, owned by the 15 ECOWAS member states,
namely, Benin, Burkina Faso, Cape Verde, Côte d'Ivoire, The Gambia, Ghana,
Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone,
and Togo.

 

The bank with headquarters in Lomé, Togolese capital, is committed to
financing developmental projects and programmes covering diverse initiatives
from infrastructure and basic amenities, rural development and environment,
industry, and social services sectors, through its private and public sector
windows.

 

EBID intervenes through long, medium, and short-term loans, equity
participation, lines of credit, refinancing, financial engineering
operations and related services.

 

-This Day.

 

 

Nigeria: Aviation Experts Applauds LASGs Plan to Build Lekki Airport

Aviation industry experts under the aegis of Aviation Safety Round Table
Initiative (ART) have said they welcome the decision of the Lagos State
government to build a second airport at the Lekki axis of the state.

 

The experts said they whole-heartedly welcomed the decision of the Lagos
State government to build an airport in the Lekki axis to cater to the
bourgeoning population and businesses around the Lekki industrial layout."

 

In a statement signed by its head of publicity, Olu Ohunayo, ART said
despite prior promises and the potential, including the extensive plans for
the development of the area over the years, the project never took off and
the Lekki corridor continued to expand, creating congestion, logistics and
traffic chaos, impacting the economic and business opportunities in the
area.

 

"For the benefits to Lagos, we strongly advocate for a Public Private
Partnership (PPP) and the need for the regulator, the Nigerian Civil
Aviation Authority (NCAA) and the Federal Ministry of Aviation, to give the
necessary support and approvals for the project.

 

"We are also calling on the relevant agencies and tiers of government, to as
a matter of urgency, commence with the repair of the Cenotaphs erected to
honour the fallen air passengers at Lisa, Epe and Ejigbo respectively. These
sites serve as a memorial of the dark history of our industry and to honour
to our fallen citizens. Therefore, roads leading to these sites should be
fixed for accessibility," the body said.

 

-This Day.

 

 

Nigeria: Minister Receives Chinese Delegates, Lists Investment Areas in FCT

The Minister of the FCT, Malam Muhammad Musa Bello, has highlighted
potential areas of investment in the FCT that will add value to the nation's
capital and ensure adequate returns for investors.

 

The areas include road, rail and power infrastructure, as well as
agriculture and waste management.

 

The minister highlighted these when he received a delegation from the
headquarters of the China Civil Engineering and Construction Corporation
(CCECC) led by the Chinese Ambassador to Nigeria, Mr Cui Jianchun, recently.

 

Malam Bello also advised that the company should consider focusing more on
long-term investments in the FCT rather than on its current business
strategy of serving as contractor.

 

 

He expressed the appreciation of the FCT Administration (FCTA) to the CCECC
for its Corporate Social Responsibility (CSR) activities which he noted
included the construction of an about three-kilometre barrier along the
Kubwa Expressway at Dei-Dei to encourage pedestrians to use pedestrian
bridges.

 

He also thanked the Chinese government for the establishment of the
China-Assisted Primary School in Nyanya and commended the cordial
relationship that existed between China and Nigeria.

 

Speaking earlier, the Chinese ambassador thanked the minister for the warm
reception accorded to his delegation and also expressed appreciation to the
FCTA for providing an enabling environment for CCECC to work in the FCT,
while assuring of China's desire to carry out more projects in the FCT.

 

He used the occasion to also disclose China's intention to establish a
demonstration farm in Abuja as part of its collaboration with Nigeria
towards ensuring food security in the country.

 

Also speaking, the Chairman of CCECC, Mr Liu Weimin, commended the minister
for the great work he had done in changing the face of the FCT for the
better and implored for the CCECC to be a part of the Abuja success story of
becoming a world class city.

 

-Daily Trust.

 

 

Nigeria: Orji Kalu Criticises 2023 Budget, Says 'Nigeria Is At War'

"We are not doing anything. We are just a consuming nation."

 

The Chief Whip of the Nigerian Senate, Orji Kalu, has called on the Nigerian
government to cut the cost of governance to save the country from a
worsening economic crisis.

 

Mr Kalu stated this during the review of the proposed 2023 budget by the
National Assembly.

 

President Muhammadu Buhari last Friday presented the proposed budget
totalling N20.5 trillion, to the assembly.

 

Mr Kalu, while stating his observations during the review of the proposed
budget, decried the country's deteriorating economy.

 

 

He posted a video clip of the review session on his Facebook page on
Thursday.

 

The former governor of Abia State, who now represents Abia North District,
said the government must show commitment to solving the country's economic
problem.

 

"Nigeria is not an exception (in the global economic crisis), but we need to
reduce the cost of governance. The cost of governance is too heavy. It
should be channelled into the manufacturing sector and the productivity
sector.

 

"We are not doing anything. We are just a consuming nation. We should go
back to agriculture if our people want us to come out from the woes we are
in," he stated.

 

Mr Kalu said the government was not making adequate efforts to address the
country's worsening economy, citing oil refineries that have not been in
operation for a long time now.

 

 

"How can we see things that should be justifiable in the economy and nobody
is doing it? Pipelines are being broken.

 

"How can we have refineries that are not working? How do we want to earn
money, if not borrowing? We don't have another resort than to borrow," the
former governor added.

 

He said the country has been forced to borrow to address the ravaging
insecurity and worsening economic crisis which, he said, have affected
agricultural and industrial productivity in the country.

 

"We are at war in Nigeria. The wars in the North-east, North-west, the one
in the South-east- they are all wars and we have no other opportunity (to
grow the economy) because our farmers are not going to their farms. There is
no productivity in Nigeria. The industries' capacities are down.

 

"Industrialists are not manufacturing. Capacities have gone below six per
cent all of over. I have two industries in Lagos. But they are shut down
because of economic challenges. The answer to not doing anything is
borrowing unless we start producing."

 

"Repeated items"

 

The chief whip faulted the proposed budget, pointing out that some items
which appeared in previous budgets were repeated in the proposed budget.

 

"I am saying that the committee on finance and appropriation need to look
into all these yearly reoccurrences," he said.

 

Giving an instance, the senator said stationeries and furniture which had
been budgeted for in the previous budget were repeated in the proposal.

 

"What I have seen in this (proposed) budget is what I saw last year in the
(2022) budget and it is not going to be good for us. We can't continue
recycling," Mr Kalu said.

 

He said it was wrong for the country to continue to buy new furniture and
stationeries every year.

 

"What happened to the furniture and stationeries appropriated in previous
budgets?" he said.

 

-Premium Times.

 

 

Nigeria: Dangote's 650,000bpd Refinery 97 Percent Completed, Says NMDPRA

The Nigerian Midstream and Downstream Petroleum Regulatory Authority
(NMDPRA) has disclosed that the Dangote Petroleum Refinery is now 97 percent
completed.

 

The refinery, with 650,000 barrels per-day installed capacity, is expected
to double the total output of Nigeria's existing ailing refining
infrastructure and meet 100 per cent of the country's requirement of all
refined products.

 

The NMDPRA made this disclosure in Abuja when representatives of the Dangote
Petroleum Refinery visited it to present the work plan for the facility for
2022/2023 as the regulatory agency for the sector.

 

 

The successful completion of Africa's biggest petroleum refinery and the
world's largest single-train facility is expected to have a significant
impact on Nigeria's foreign exchange market through import substitution and
substantial savings in earnings.

 

It is expected that once the refinery commences production, the pressure on
the nation's currency will reduce as a significant inflow of forex is
expected to come in through sales from the refinery.

 

NMDPRA's Chief Executive, Mr. Farouk Ahmed, reiterated the importance of the
Dangote Petroleum Refinery to the country while assuring that the Authority
will give all necessary support to ensure timely completion and kick-start
operations.

 

Speaking on the refinery project, Group Executive Director, Strategy,
Portfolio Development & Capital Projects, Dangote Industries Limited, Mr.
Devakumar Edwin, said it (the refinery) would stimulate economic development
in Nigeria, adding that it can meet 100 per cent of Nigeria's requirement of
all liquid products (Gasoline, Diesel, Kerosene and Aviation jet), and also
have a surplus of each of these products for export.

 

"The high volume of petrol output from the refinery would transform Nigeria
from a petrol import-dependent country to an exporter of refined petroleum
products," he stated, adding that the refinery would produce Euro-V quality
gasoline, diesel, jet-fuel, kerosene and poly-propylene for local
consumption and also have surplus of each of the products for export.

 

On employment generation, he disclosed that over 30,000 people are currently
working at the Petroleum Refinery project sites through various contractors
noting that when operational, the refinery will generate over 100,000 direct
and indirect jobs for the youths.

 

The refinery design, according to the company, conforms with the World Bank,
United States (US), United States Environmental Protection Agency (EPA), the
European Union (EU), and the Nigerian Midstream and Downstream Petroleum
Regulatory Authority (NMDPRA) standards.

 

He said Dangote industries has developed a port and constructed quays with a
loading bearing capacity of 25 tonnes/sq meters to bring Over Dimensional
Cargoes close to the site directly to handle liquid cargoes. The jetty is
situated at a distance of 12.3 km from the refinery, thereby effectively
reducing the travel time.

 

-Daily Trust.

 

 

 

Congo-Kinshasa: In a Vital River Basin, Chinese Mine Dredges With Impunity

Basoko, Democratic Republic of Congo — In January, officials ordered Xiang
Jiang Mining to cease operations near the Congo River. Nine months later,
the mine is still open - and residents are still protesting.

 

Not a day goes by without the motorized sound of dredgers blasting through
Charles Baima's village in Basoko, around 195 kilometers (121 miles) along
the Congo River from the northern inland port of Kisangani, at the
confluence with the Aruwimi River. As the dredgers sweep down the Aruwimi,
the noise scares away the catch of the day, Baima says, and now he fears for
his livelihood.

 

The dredgers belong to the Chinese company Xiang Jiang Mining, which in 2019
obtained permits from the country's Ministry of Mines to research three
areas along the Aruwimi River for gold, diamonds and other minerals.

 

 

For months, Basoko residents have complained about water pollution, the
disappearance of fish and the proliferation of sandbanks along the river -
so much so that, in January, Deputy Prime Minister and Minister of
Environment Ève Bazaiba visited the area and told Xiang Jiang Mining to shut
down all operations and relocate the dredgers to Kisangani.

 

And in May, an investigation by Mongabay, a United States-based news outlet
focused on environmental issues, found that Xiang Jiang Mining had violated
the scope of its permits by using mercury, bought in Kisangani and later
dumped into the river, to extract gold. All samples collected during the
research stage belong to the state, according to DRC's Mining Code.

 

 

Nine months after the minister's visit and the publication of Mongabay's
investigation, nothing has changed in Basoko: Xiang Jiang Mining continues
to operate as usual.

 

Stanis Bilanga, a Basoko resident, says soldiers and police patrol the
dredging area constantly. He adds that he witnessed the military escorting
the installation of the machines two years ago, despite local protests. "The
military presence in this part of the country is in complicity with the
provincial authorities, who act by force," he says.

 

The provincial authorities interviewed for this article denied any
responsibility for the water pollution, military presence and alleged
illegal extraction. "The mining sector is managed by the national ministry.
Everything goes through the national level; all I do is execute," says
Tshopo's Minister of Mining Mesemo Wa Mesemo Thomas.

 

Tshopo's Minister of Environment, Lokula Lolisambo Norbert, says he only
heard about the situation with Xiang Jiang Mining "through hearsay." "I
don't have any documents. I haven't received any Chinese subject in my
office to talk about this exploitation," he says. "This subject is beyond my
level."

 

 

Xiang Jiang Mining, whose research permits expire in 2024, didn't reply to
multiple requests for comment. Neither DRC's Ministry of the Environment nor
the Ministry of Mines responded to multiple requests for comment.

 

"This river is a source of revenue for me and my family, but for the past
two years, I haven't been able to catch," says 35-year-old Baima, who has
fished these waters since he was 15. "Life has become too hard for me."

 

Xiang Jiang Mining's Tshopo operations offer a look into the world of
Chinese mining in DRC. Nearly 70% of the country's mining portfolio is under
Chinese control, John Kanyoni, vice president of the country's Chamber of
Mines, a private association of businesses, said in an online conference in
2020. Most of this presence came in the wake of a 2008 deal that saw China
offer DRC a $6 billion line of credit for infrastructure projects, in
exchange for 11 million tons of copper and 600,000 tons of cobalt, worth
around $50 billion, to be extracted over 25 years from a mining project in
DRC's Katanga province.

 

After the loan is repaid, the mining profits will go to the shareholders of
Sicomines, a giant joint venture established by the deal. Chinese
stakeholders control 68% of the shares.

 

In the wake of the deal, smaller mining companies and traders followed.
According to a 2019 report by the International Institute for Environment
and Development, based in London, Chinese traders dominate the artisanal and
small-scale mining supply chains in DRC's southern and eastern provinces.

 

The Aruwimi River, which flows through the territories of Basoko and
Banalia, home to some 340,000 and 494,000 people respectively, has been cut
up and sold into multiple mining concessions by the national and provincial
governments. A 2021 study by Congolese researchers Jean De Dieu Mangambu
Mokoso, Asimbo Bondoo Norbert and Ekele Mbenga Robert says that will almost
certainly lead to pollution of the air, water and soil; deforestation;
riverbank erosion; flooding; and massive carbon dioxide emissions from the
destruction of peat bogs.

 

All of this is unfolding in the Congo River Basin, the world's
second-largest tropical forest. Last year, global leaders at the COP26
climate summit pledged $500 million to protect this area from deforestation.

 

In July, DRC's government came under fire from environmental organizations
after announcing it would auction vast tracts of lands in the basin to oil
and gas projects.

 

Criticism of Xiang Jiang in particular has mounted over the years: In 2020,
it was reported to the DRC branch of African Parliamentarians Network
Against Corruption. In 2021, the Congolese state fined Xiang Jiang $90,000
for not complying with mining regulations, Mesemo says.

 

Michel Basosila, 40, is a Basoko resident who came to the port of Kisangani
to sell goods. He says he used to sell smoked fish from Basoko, but catching
has become so difficult, he started trading fufu.

 

"This has become my only stream of income," Basosila says. "Today, I sell
cassava fufu because fish have become too rare and too expensive and I don't
make any profit."

 

Not all Basoko residents are unhappy with the mine. Xiang Jiang provides
jobs such as transportation for its personnel, usually in canoes, as well as
diving, sifting and running errands. Célestin Bokula, for example, earns
daily income by transporting mining personnel in his canoe.

 

Still, some Basoko residents, with the help of national nongovernmental
organizations, held a protest in early March to oppose the mine. "We condemn
the continuation of illegal and illicit gold mining by the company Xiang
Jiang Mining, which, until now, has worked in the river despite the measure
of suspension taken by the minister," says resident Albert Lina.

 

Sabrina Dako, administrator of Basoko Territory, has been involved in the
mobilization against Xiang Jiang Mining. "In this situation that is beyond
my level," she says, "I am powerless."

 

Zita Amwanga is a Global Press Journal reporter based in Kisangani,
Democratic Republic of Congo.-Global Press Journal.

 

 

 

 

Nigeria's Eurobonds Retreat After Govt's Plan to Restructure Debts

Investors respond with concerns about Nigeria instruments after the
government indicated it might be struggling to meet its repayment
obligations.

 

Nigeria's Eurobonds fell Thursday following a declaration by Minister of
Finance Zainab Ahmed in a Wednesday video that the government would review
and consider restructuring its portfolio of debt.

 

With the commitment to repay some local debts falling due in 2022 and the
year ahead, refinancing, the government says, is the way to go, and it is
setting sights on converting the N20 trillion it owes the Central Bank of
Nigeria into bonds.

 

"For the larger portfolio of debt, we have just appointed a consultant," Mrs
Ahmed told Bloomberg TV.

 

The adviser will help the government in understanding the way to "get
additional relief by way of restructuring and negotiating to stretch out the
repayments to longer periods."

 

 

Priced at 56.79 cents on the dollar in London at midday, bonds having 2047
as their expiry had fallen from Tuesday's level of 58.37 cents. Those due in
2049 and 2051 dropped as well, according to Bloomberg data.

 

Nigeria offered half a dozen of its bonds at 1,000 basis points or more than
U.S. Treasuries, a level often deemed to be distressed, Bloomberg index,
which keeps tabs on government debt instruments from emerging markets
showed.

 

The country is buckling under a grinding debt service burden, seen
ballooning to more than double of revenues by the International Monetary
Fund come this year's end. President Buhari said at the presentation of the
2023 appropriation bill to the legislature last week that his government
plans to borrow another N8.8 trillion next year.

 

That represents 81.6 per cent of the funding gap of Nigeria's biggest ever
budget deficit estimated at N20.5 trillion in all. Allocation for capital
spending for next year is N5.35 trillion compared to N5.46 trillion this
year.

 

Muda Yusuf, the chief executive of Centre for the Promotion of Private
Enterprise, an advocacy group seeking increased private sector
participation, said the country will improve if the government were able to
execute half of the capital expenditure commitment.

 

Mr Yusuf, who last headed the Lagos Chamber of Commerce and Industry, the
trade board of Nigeria's main commercial hub Lagos, said that in light of
the government's reputation for hardly taking capex seriously.

 

Mrs Ahmed disclosed will look to explore the recently introduced Food Shock
Window by the International Monetary Fund, a vehicle for members of the
multilateral institution to access emergency financing instruments.

 

"Debt restructuring would be extremely helpful given the parlous state of
public finances and an extremely high debt-servicing ratio," Bloomberg
quoted the head of intelligence at Lagos-based Stears Insight, Michael
Famoroti, as saying.

 

"It would end up being a pure accounting exercise if it does not encourage
additional fiscal discipline," Mr Famoroti warned.

 

-Premium Times.

 

 

 

Zambia: Gov't, U.S. Hold Inaugural Business Summit to Boost Trade,
Investment

Lusaka — Zambia is hosting a two-day business summit in Lusaka this week to
try to attract American investors to the country.

 

Zambian officials say they want to diversify the economy and decrease
dependence on extractive industries such as copper, which account for most
of the country's exports. Zambia's Commerce Minister Chipoka Mulenga said
the U.S. should be a key partner in that effort.

 

"But our focus right now is to see how best we can create jobs and revive
our economic fortunes by value addition," said Mulenga. "We want to take
advantage of the new energy system that the world is migrating to from
fossil fuels into clean and green energy. And we are trying to take
advantage of the minerals that we have and bring a consortium of developed
players that have the technology already to see how we can develop our
copper from exporting concentrates in its raw form into developing it into
finished products for the green energy system that we want to go into."

 

 

Zambia is Africa's second-largest producer of copper - after the Democratic
Republic of Congo - and an important source of other critical minerals like
manganese, nickel, and cobalt.

 

But economists say Zambia's dependence on minerals means it has not taken
advantage of being a member in the Common Market for Eastern and Southern
Africa (COMESA) or the Southern African Development Community (SADC).

 

"This is one of the challenges that Zambia has not really harnessed despite
being in regional bodies such as COMESA and SADC," said Boyd Muleya of the
think tank Zambia Trade and Policy Dialogue. "But going forward the
engagement with the U.S. is very critical. We need to change the narrative
because what we have seen in the past is mostly, we focus on aid that comes
from the U.S., approximately about $500 million United States dollars
annually."

 

Government figures show Zambia-U.S. annual, bilateral trade was only $182
million in 2019.

 

Speaking at the business summit Wednesday, U.S. Ambassador to Zambia Michael
Gonzales said he sees great potential in the country's economy.

 

"The United States stands ready to partner with Zambia to ensure that this
great country seizes the energy to become the Zambian renaissance and
achieves that extraordinary potential," he said. "They are going to do this
by leveraging on American technological know how to meet growing demand from
ICT in every sector from health care all the way down."

 

But economists such as Boyd Muleya with the think tank Zambia Trade and
Policy Dialogue says another challenge for Zambia is attracting investment
after becoming the first African country to default on its debt during the
COVID era in 2020.

 

"One of the issues has been the uncertainty in terms of how Zambia's debt
will pan out. We have managed to get IMF executive approval in terms of a
package, but we still are to conclude on the actual debt restructuring with
respect to the terms put across in the comparability of treatment under the
G-20 common framework."

 

Zambia's government is working on a debt restructuring deal with the
International Monetary Fund that is expected to be concluded by the end of
the year.

 

Despite the uncertainty, the two-day Zambia-U.S. Business Summit attracted
hundreds of local and American investors from sectors including mining,
technology, and healthcare.

 

-VOA.

 

 

South Africa: Transnet Tables Wage Offer

State rail and ports company Transnet says it has tabled a new three year
wage offer to labour unions following two days of wage negotiations at the
Commission for Conciliation, Mediation and Arbitration (CCMA).

 

This as strike action continued at the state owned company this week
following an impasse in wage negotiations.

 

"The negotiations have been a delicate balancing act for the company -
mindful not only of the affordability and sustainability of the wage
increases for the business, but also having full appreciation of the cost
pressures that employees face currently," Transnet said.

 

The new wage offer includes:

 

A 4.5% increase in the current year across the board which will be
implemented from 1 October 2022.

 

This will be followed by 5.3% increases in 2023/24 and 2024/25.

 

A 4.5% increase in the medical aid allowance in 2022/23 which will be
adjusted in line with the across the board increase in the subsequent two
years.

 

The back-pay will be paid in two tranches - three months' back-pay on 15
November 2022, and three months' back-pay on 16 January 2023.

 

"Whilst the parties have not settled on this offer, engagements are ongoing.
We would like to thank all stakeholders for their continued understanding
and support during this process. The company remains committed to concluding
the wage negotiations speedily and amicably, in the interests of employees,
the company and the economy," the company said.

 

-SAnews.gov.za.

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
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been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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